Page & Moy's three brands include Travelsphere, Page & Moy itself and singles tour operator Just You. Besides land-based holidays, all three offer a wide range of river and ocean cruises, some on exclusively chartered ships, and between them carry around 88,000 passengers a year.

So why did All Leisure make the purchase? Among the reasons outlined in a press release on its Web site is the fact that it allows access to Page & Moy's vast database of over-55 travellers (a prime market for All Leisure's three cruise lines). It will also provide All Leisure a range of non-cruise products that are strong in places where the company currently doesn't operate to any great extent, including China and North America.

Page & Moy Travel posted a loss before taxes of £45.1 million in the year ending November 2011, but the statement says the firm is expected to return to profit in the next year.

Any holidays booked through Page & Moy are secure. Indeed, it is unlikely that cruisers will notice any difference under the new owners.